Ion Geophysical Corporation (NYSE:IO):
ION and PGS renew fleet-wide agreement for Orca command and control software.
The company is so far trading up by 1.15 percent from yesterday’s close.
ION Geophysical Corporation, launched on August 13, 2007, is a technology-focused company. The Company provides geophysical technology, services and solutions to the global oil and gas industry. The Business’s offerings are designed to enable oil and gas exploration and production (E&P) companies to obtain images of the Earth’s subsurface, which are used in hydrocarbon exploration and development. The Company offers services and products through three segments: E&P Technology & Services, E&P Operations Optimization, and Ocean Bottom Services (OBS). It acquires, processes and interprets seismic data from seismic surveys on a multi-client basis. The Company offers various technologies, which include Orca and Gator command and control software systems, WiBand broadband data processing technology, Calypso OBS acquisition system, Marlin simultaneous operations solution and other technologies..
The stock last traded at $4.40 barely above the 50 day moving average of $4.37 and which is marginally lower than the 200 day moving average of $5.28. The 50 day moving average was up by +0.62% and the 200 day average was down $-0.88.
Brokerage firms have released ratings on IO of late. Barclays lowered the price target and downgraded the stock on March 19 changing the price objective from $5.00 to $4.00 and cutting the rating from “Overweight” to “Equalweight”. On March 19 the stock rating was downgraded to “Equalweight” from “Overweight” and a price target of $4.00 was set in a report from Barclays.